Press release
Blockchain IoT Market Predicted to Garner a Revenue of $5,802.7 Million by 2026, Growing at a Stunning CAGR of 91.5% Over the Forecast Period from 2019-2026
According to Research Dive's newly published report, the global blockchain IoT market is predicted to garner a revenue of $5,802.7 million by 2026 and grow at a tremendous CAGR of 91.5% in the 2019-2026 timeframe.
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Dynamics of the Market
Drivers: The increasing adoption of blockchain IoT technology by various end-use industries is expected to boost the blockchain IoT market in the forecast period. Besides, there has been a growth in demand for blockchain IoT technology due to the rising need for IoT-based security and the need to streamline business operations using blockchain technology. This rising demand for both these services is predicted to drive the market in the 2019-2026 timeframe.
Restraints: Lack of awareness with respect to the blockchain IoT technology, however, might prove to be a hindrance in the growth trajectory of the blockchain IoT market.
Opportunities: Blockchain IoT technology has been in a lot of demand due to the rise in government initiatives, smart contracts, digital identity services, etc. These services are, in turn, expected to offer numerous growth opportunities to the blockchain IoT market. Apart from this, several end-use industries have started adopting blockchain IoT technology which is expected to boost the market growth even further.
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Segments of the Market
The report has divided the market into certain segments based on offerings, application, end-use, and region.
Based on offerings, the hardware sub-segment of the blockchain IoT market is expected to have the fastest growth rate and grow with a stunning CAGR of 93.6% during the forecast period. Hardware systems perform crucial functions, such as fetching important data from source location and transporting it to cloud systems. This important functionality of hardware systems is expected to be the main growth driver of the hardware sub-segment in the coming years.
Based on application, the asset tracking and management sub-segment is predicted to be the most dominant sub-segment of the blockchain IoT market in the 2019-2026 timeframe. The asset tracking and management sub-segment accounted for $8.3 million in 2018 and is predicted to grow substantially in the forecast timeframe. The vital role played by asset tracking in examining the performance and efficiency of machinery is expected to be the primary growth driver of this sub-segment.
Based on end use, the smart cities sub-segment is expected to be the most profitable sub-segment by garnering a revenue of $639.4 million in the forecast timeframe. The smart city project has gained a lot of acceptance and popularity across the globe. Blockchain IoT technology is perfect for implementing this idea along with helping in tracking of data and reducing security breaches. These advantages are anticipated to help in the growth of this sub-segment.
Based on region, the Asia-Pacific blockchain IoT market is expected to be most lucrative during the forecast period. There has been a general increase in awareness among the people of this region regarding blockchain IoT technology. This has resulted in an increase in adoption of blockchain IoT technology in various sectors such as retail, healthcare, etc. This is expected to be the primary growth driver of the market.
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Prominent Market Players
Some prominent market players of the blockchain IoT market are Amazon.com, Inc., KrypC, Intel Corporation, Microsoft Corporation, The Linux Foundation, IBM Corporation, R3, Cisco Systems, Ethereum Foundation, and Filament, among others. These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in March 2022, Mastercard, an American fintech giant and Energy Web, a company based on providing decarbonized energy-driven technologies, announced a partnership with Vodafone in its IoT blockchain project. This partnership is aimed at augmenting the infrastructure and services provided by Vodafone and expanding the customer base, thereby increasing its foothold in the market.
Finally, this report published by Research Dive also summarizes many crucial aspects of the blockchain IoT market including the latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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